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Squawk on the Street

Musk’s Surprise Visit to China, Paramount Deal Talks, Busiest Week of Earnings 4/29/24

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 29 April 2024

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber began the hour by discussing Elon Musk’s surprise visit to China. Tesla shares surged after local Chinese authorities removed restrictions on its cars, after they passed the country’s data security requirements. The anchors then shifted to the broader markets, as the S&P and Nasdaq both posted their best weeks of 2024. The desk also looked ahead to busiest week of earnings, with nearly 1/3 of all S&P 500 companies set to report results. Later in the hour, David had a Faber Report surrounding Paramount, saying Skydance has made its final offer for the media company. Squawk on the Street Disclaimer

Transcript

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0:00.0

It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.

0:04.7

Don't miss a minute of the action. Good Monday morning. Welcome to Squawk in the Street. I'm Carl Kintania with Jim Kramer, David Faber, Post 9 to the New York Stock Exchange. Coming off the best week for the S&P in about six months and futures are solid ahead of a very busy few days. Apple and Amazon earnings, a Fed decision, a jobs number,

0:22.1

10-year 463. Our roadmap begins with Musk's surprise visit to China. Tesla passing some key

0:28.3

hurdles in that country, giving that stock a big surge in the pre-market.

0:31.9

Plus, we will have the latest on those deal talks around Paramount as well, the potential departure

0:37.4

of the company's CEO,

0:38.7

as it also gets ready to report after the bell.

0:42.2

Speaking of earnings, it is the busiest week of quarterly results.

0:44.9

Nearly one-third of the S&P 500 and 20% of the Dow are reporting.

0:49.7

Apple and Amazon, of course, lead the way this week.

0:53.7

Let's begin with Tesla rallying in the pre-market today following Musk's visit to China.

0:58.8

The company winning approval to roll out its full self-driving technology in that country, Jim,

1:04.2

this is a partnership with Baidu being called a watershed moment for FSD.

1:08.1

Yeah, I mean, you need to have something.

1:10.6

I remember when I wrote on a way

1:11.8

way mo which is obviously google's product uh you had to have the google map you just need this

1:17.8

infrastructure in order to be able to make it was obviously being withheld uh is it worth 20 22 points

1:23.2

well and i think the people who are short tesla betting that there had to be more, let's say, more earnings problems.

1:30.5

I mean, there's an Evercourt piece out of your saying lowering price target to 145 from 155.

1:34.5

That probably was pre-China.

1:36.0

But, David, there is a sense among the companies that make self-driving that there's this this holy grail robotaxie plan out there.

1:47.3

Forgetting the fact, I think, in this case, that Tesla's are expensive.

...

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